If the cable system is offered for sale, the city shall have the non-exclusive right to purchase the cable system under the following conditions:
(A) Within 30 days after the city receives notification that the franchisee has received a bona fide offer from a third party for the purchase of the cable system, the city shall notify the franchisee whether the city intends to purchase the system.
(B) If the city elects to purchase the cable system, the price, terms, and conditions of the city’s purchase shall be the same as those set forth in the bona fide offer. If the city fails to offer to purchase the cable system on terms and conditions which match or exceed those of the bona fide offer within 30 days after the city receives notification of the bona fide offer, then the franchisee is free to sell the system to a third party.
(C) The city’s right to purchase the cable system pursuant to this section is triggered only when the assets of the cable system are offered for sale. The city’s rights pursuant to this section are not triggered by the sale or transfer of stock that creates a new controlling interest in the franchisee, and are not triggered by any fundamental corporate change in the franchisee.
(Ord. 186, passed 4-17-00)